Trump Foundation formally admits to fraud, Donald Trump now faces wrath of IRS
Just days after Donald Trump agreed to pay $25 million in a massive fraud case related to his involvement in the Trump University scam, it turns out another one of his financial scandals is coming home to roost. The Trump Foundation, a charity which has been under investigation by the New York State Attorney General for months, is now formally admitting that it’s guilty of “self-dealing” or fraud. And now Donald Trump and his children will face the wrath of the IRS.
During the course of the election, Donald Trump was exposed for having used the Trump Foundation as something of a personal piggy bank over the years, using its funds to buy items for himself and to further his own business interests, as well as sometimes paying his legal fees in other trials with the charity’s money – all of which is explicitly illegal for a nonprofit. The law formally refers to it as “self dealing” but many in the legal field call it fraud. Despite the heavy emphasis on Trump Foundation fraud by print reporters like Kurt Eichenwald of Newsweek, the cable news channels spent very little time on the scandal, even as they continued to harp on Hillary Clinton’s already-resolved email matter instead. But now it turns out the Trump Foundation is admitting to its own wrongdoing in its latest tax filing.
In its new tax filings, the Trump Foundation is admitting that during the most recent year it “transferred assets to a disqualified person,” as documented by USA Today. The Foundation also admitting that it has committed the same violation in past years. The “disqualified” person in question is likely Donald Trump himself. As the Foundation belongs to Donald and his children, they’ll all now set to face the wrath of the IRS, in the form of having to pay back every misappropriated penny, along with additional financial penalties.
